Xan, You might add that regulation T allows you to purchase immediately, but you cannot sell until the prior transactions are settled. For example, if I buy GZFX on Monday morning and sell all those shares at noon Monday, I can use that money (unsettled funds) immediately to purchase more GZFX or another symbol, but I then cannot sell that security until the funds from the Monday morning buy and the Monday noon sell are settled (three days minimum).
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